3Q 2015 Earnings Call

November 9, 2015

8:00am ET

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Safe Harbor Statement

Certain statements made within this presentation contain forward-looking statements,

within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-

looking statements are not guarantees of performance and by their nature are subject

to inherent uncertainties. Actual results may differ materially. Any forward-looking

information relayed in this presentation speaks only as of November 9, 2015, and the

Company undertakes no obligation to update that information to reflect changed

circumstances.

Additional information concerning these statements is contained in the Company’s

press release regarding its Third Quarter results issued on November 9, 2015, and

the Risk Factors and Forward-Looking Statements sections of the Company’s

2014 Annual Report on Form 10-K and 2015 Quarterly Reports on Form 10-Q. Copies

of these filings are available from the SEC, the Hertz website or the Company’s

Investor Relations Department.

3*Definitions and reconciliations of these non-GAAP measures are provided in the Company’s third quarter 2015 press release.

The following non-GAAP* measures will be used in the

presentation:

Adjusted Corporate EBITDA

Adjusted Corporate EBITDA Margin

Adjusted Pre-Tax Income

Adjusted Net Income

Adjusted Diluted Earnings Per Share

(Adjusted EPS)

Revenue per Available Car Day

Non-GAAP Measures

Total RPD

Net Depreciation Per Unit Per Month

Net Corporate Debt

Net Fleet Debt

Adjusted Interest Expense

Free Cash Flow

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Today’s Agenda

John Tague

President &

Chief Executive Officer

Hertz Global Holdings

Tom Kennedy

Sr. EVP &

Chief Financial Officer

Hertz Global Holdings

Business

Overview

John Tague

Financial

Results

Overview

Tom Kennedy

HERC Overview Larry SilberLarry Silber

President &

Chief Executive Officer

Hertz Equipment Rental

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3Q:15 Overview

C

Accomplishments:

Realized global cost savings

Increased W.W. RAC fleet efficiency

Improved W.W. RAC revenue efficiency

Increased customer satisfaction scores

Integrated Hertz, Dollar and Thrifty systems

W.W. RAC adjusted Corporate EBITDA margin +300 bps to 17%

Calculated as HGH adjusted Corporate EBITDA minus HERC segment EBITDA

Transactions:

Reduced investment in CAR Inc., ~$100 million in proceeds

Repurchased $262 million of common stock, 14.8 million shares

Reduced net leverage ratio from 2Q:15

Reaffirm FY 2015 consolidated adjusted Corporate EBITDA

guidance of $1.45 to $1.55 billion

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3Q:15 RAC Revenue Efficiency

Revenue per Available Car Day (RACD = RPU/Day)

Measures the capacity of the fleet to generate revenue

Formula: Total revenue / number of days in period x average

total owned fleet size

U.S. RAC Int’l RAC W.W. RAC

+1% +2% +1%

83% 81% 82%

Note: Total RPD calculated using Total Revenue less ancillary retail car sales revenue

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Tom KennedyCFO

• COST INITIATIVES AND FLEET MANAGEMENT

• 3Q:15 RAC FINANCIAL PERFORMANCE

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Cost Initiatives; Fleet Management

FLEET MANAGEMENT

U.S. RAC fleet efficiency +300bps YoY to 83%;

U.S. RAC net monthly depreciation per unit +1%, better than expected

- Increased use of higher return alternative sales channels

- Strong industry residuals

Capitalized on strong residuals heading into shoulder period, resulting in

3% decline in average U.S. fleet

COST SAVINGS

YTD 2015 realized ~$150M of $200M full-year target and annualized

goal of $300M

Consolidated DOE and SG&A expense as % of revenue down 290 bps

Corporate/

Operations Overhead

Fleet

Management

Sales and

Marketing

Consolidated adjusted Corporate EBITDA margin

+247 bps to 20%

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3Q:15 Consolidated Results

C

GAAP

3Q:15

Results

3Q:14

Results

YoY

ChangeRevenue $2,976 $3,121 (5)%

Income before income taxes $307 $203 51%

Net income $237 $149 59%

Diluted earnings per share $0.52 $0.32 63%

Diluted shares outstanding 457 464 (2)%

Non-GAAP*Adjusted Corporate EBITDA $601 $553 9%

Adjusted Corporate EBITDA margin 20% 18% 247 bps

Adjusted Pre-tax income $359 $322 11%

Adjusted Net income $226 $203 11%

Adjusted EPS $0.49 $0.44 11%

($ in millions, except per share amounts)

3Q:15 adjusted EPS includes unfavorable FX impact of ~$(0.03)

*Definitions and reconciliations of these non-GAAP measures are provided in the Company’s third quarter 2015 press release.

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3Q:15 U.S. RAC Total Revenue

Note: Total RPD calculated using Total Revenue less ancillary retail car sales revenue

Revenue per Available Car

Day (RACD) up 1% on 300 bps

improvement in efficiency

Airport total RPD down

- Industry published rates

declined in shoulder

period at the end of

August

- Weakness in corporate

portfolio, a phenomenon

observed throughout

travel sector

Off airport volume down due to

store closures and lower fleet

capacity

Ancillary revenue per

transaction day, ex-fuel,

increased 4%

Airport Off Airport

On Airport 76%

of U.S. RAC Revenue

Off Airport 24%

of U.S. RAC Revenue

Total

(2.2%)

(3.4%)

(1.3%)

0.1%

3.3%

(6.2%)

Total

RPD Total

RPDTotal

RPDVolume

VolumeVolume

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U.S. RAC Net Monthly Depreciation/Unit

3Q:15 net monthly depreciation per unit +1% to $267

3Q:15 unit sales through alternative channels increased 68% YoY

YTD 2015 net monthly depreciation per unit (1)% to $267

Revised FY 2015 estimate to $270-280 net monthly depreciation per unit

60%

40%

3Q 2015

% of Total Hertz Non-Program Sales

Alternative Channels Wholesale Auction

Alternative Resale Channels

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U.S. RAC DOE + SG&A

3Q:15 DOE and SG&A as a % of sales down 330 bps YoY

Cost savings drivers include labor productivity, distribution efficiency,

lower fleet maintenance and improved damage collections

U.S. RAC adjusted corporate EBITDA margin 16%, +236 bps YoY

65%

62%

3Q

DOE + SG&A as % of Sales

2014 2015

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3Q:15 International Car Rental

Revenue +3% YoY, excluding FX

Volume +1%

Total RPD +2%, excl. FX

Fleet efficiency 81%

Revenue per available car day +2% YoY

DOE + SG&A down 290 bps as a % of revenue at 59%

Net monthly depreciation per unit down 6% excluding FX

Adjusted Corporate EBITDA margin 24%, up 509 bps YoY

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Larry SilberCEO, HERC

• HERC OVERVIEW

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HERC – Transforming the Business

Revenue

Expanding and diversifying customer base with focus on local accounts

Decentralizing reporting structure, optimizing sales force

• Better field accountability, more focused asset management, improved

customer service

Investing in branch management

Utilization

Investing in maintenance personnel to reduce out of service equipment

Improving location footprint to enhance fleet sharing

Increasing mix of specialty equipment to shift to higher margin business

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3Q:15 HERC N.A. Oil & Gas Impact

North America Rental & Related Revenue*

YoY % change Customer Account Regional Branches

Upstream oil & gas (39)% (26)%

Non-oil & gas 9% 14%

* Excludes FX impact

Due to the secondary effect in oil markets, we will now report oil and gas

results by regional branch data

N.A. branch revenue in major upstream oil and gas markets represent

21% of total rental and rental-related revenue, excl. FX

High-rate upstream oil and gas business declines

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3Q:15 HERC Revenue

Note: Pricing and volume data exclude Cinelease due to the nature of that business

Pricing

N.A. national accounts 49% of revenue vs.

51% 3Q:14 due to expansion of local

customer base

Upstream oil and gas pricing pressure

Volume

New accounts up 67% YoY from

construction sectors and specialty and

niche markets, offsetting weakness from

upstream oil and gas branches

YoY % change Revenue*

Rental & Related

Revenue* Volume Pricing

W.W. HERC 1% 2% 3% Flat

N.A. 1% 2% 3% Flat

* Excludes FX impact

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HERC Key Metrics

36% 37%39% 38%

35% 36%38% 39%

35% 35%37%

1Q 2Q 3Q 4Q

NA Dollar Utilization

2013 2014 2015

62%65%

68%66%

62%64%

67% 68%

63% 63%66%

1Q 2Q 3Q 4Q

NA Time Utilization

2013 2014 2015

672615

532

2013 2014 2015 3Q YTD

WW FY Gross Purchases

534433 410

2013 2014 2015 3Q YTD

WW FY Net Fleet Purchases

3Q:15 YoY avg fleet in O&G

regions down 16%

Excluding upstream O&G markets,

3Q:15 dollar utilization up 60 bps

W.W. HERC adjusted corporate EBITDA down $14M

driven by decline in O&G branch profit

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Tom KennedyCFO

• BALANCE SHEET REVIEW

• CASH FLOW REVIEW

• TRANSACTION DAY BRAND ALIGNMENT

• SECOND QUARTER 2015 10Q/A

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Liquidity and Debt

($ in millions)

ABL Availability: $1,334

Unrestricted Cash: 509

Corporate Liquidity: $1,843

Net corporate debt / LTM adjusted corporate EBITDA ratio

4.4x from 4.8x at June 30th

FY 2016 leverage ratio target 3.5x

Corporate Liquidity at September 30, 2015

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Free Cash Flow

3Q:15

YTD

3Q:14

YTDChg

GAAP Pretax Income $291 $261 $30

PP&E (non fleet) depr. exp. + amortization exp. 308 307 1

Cash Taxes (31) (47) 16

Net Working Capital/Other 68 89 (21)

Operating Cash Flow excl. fleet depr. add-back $636 $610 $26

RAC Fleet Growth (net capex + depr. exp. & net fleet financing) 125 (276) 401

HERC Fleet Growth (net capex + depr. exp.) (166) (105) (61)

PP&E Net Capital Expenditures (181) (151) (30)

Net Investment $(222) $(532) $310

FREE CASH FLOW $414 $78 $336

($ in millions)

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Refinancings

Replaced existing Hertz and Dollar Thrifty Canadian

securitizations facilities with single new C$350 million facility

- Matures January 2018

Extended Donlen variable funding notes

- Matures September 2017

- Upsized facility by $100 million

Closed $600 million U.S. RAC term ABS note offering in October

- Represents first 144a issuance for new HVF II funding platform

Closed an extension and re-pricing of €400 million securitization

- Drawn spread down ~30 bps

4Q:15 anticipate extending maturities for two primary U.S. RAC

securitization revolvers

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Transaction Day Methodology Aligned

Operating systems integration complete

Transaction days for Dollar/Thrifty now recorded under Hertz

methodology

Dollar/Thrifty transaction days will now be relatively higher

compared to historically recorded

Immaterial to 3Q:15; impact beginning in 4Q:15

- Higher transaction days

- Lower total RPD

- Higher utilization

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2Q:15 10-Q/A

2Q:15 U.S. RAC fleet depreciation expense error resulted from a process change

implemented at the beginning of the year

- Cause of error identified; additional control procedures implemented

- Error is unique to the way vehicles are transferred between legal entities when sold through

retail sales channels, and is not related to our standard depreciation process

- As a result of this error, depreciation expense during the three and six months ended June

30, 2015, overstated by $21M and $18M, respectively

Also corrected an error that resulted in $3M overstatement of U.S. RAC direct

operating expenses for the three months ended June 30, 2015

There was no change to cash flow as a result of these corrections

While each of these corrections were immaterial to the individual line items in

which they are recorded, the net effect was material to reported earnings and thus

we needed to correct and reissue the statements

We are committed to streamlining processes and improving controls to further

mitigate the risk of these types of errors occurring in the future

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OUTLOOK

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FY:15 Financial Guidance

Full Year 2015

Forecast

Adj. Corporate EBITDA –

Consolidated HGH$1,450M - $1,550M No Change

Adj. Corporate EBITDA –

W.W. HERC$575M - $625M No Change

U.S. RAC Net Monthly

Depreciation per Unit $270 - $280

U.S. RAC fleet capacity growth1 (1.0)% to Flat

Net non-fleet capex $220M - $240M

1Excludes Advantage sublease and Hertz 24/7 vehicles

Guidance Revision

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2015 Investor Day Agenda

C

Panel Presentation Moderator

Full potential opportunity John TagueChief Executive Officer

Customer preference & revenue mgmt. Jeff FolandChief Revenue Officer

Leading cost and quality Tom KennedyChief Financial Officer

Winning with technology Tyler BestChief Information Officer

Path to full potential and 2016 guidance Tom KennedyChief Financial Officer

Q&A